The boat capsized and broke into several pieces while attempting to turn downwind. Investigators have not announced a cause. The San Francisco Police Department is leading the official investigation, while organizers are conducting their own probe.

Last year Oracle Racing's yacht capsized and was badly damaged, but no crew members were hurt. Billionaire Larry Ellison's Oracle Racing won the America's Cup in 2010 and choose to defend the trophy in San Francisco.

Luna Rossa, Artemis and an entry from New Zealand are scheduled to begin racing each other in July to determine who takes on Oracle in September for the trophy.

"We appreciate the vote of confidence Mr. Bertelli, president of Luna Rossa Challenge, gave to the America's Cup continuing as planned this summer on San Francisco Bay," America's Cup organizer spokesman Peter Rusch said.

A panel of investigators assembled by organizers to look into the Artemis accident has asked the teams to hold off sailing until May 23.

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Last Fridays storm brought little rain to the valley floor but it came down hard in the foothills of Breckenridge. Lightning and isolated showers kept me pinned inside my vehicle in an attempt to wait it out. After the rain let up I barely made it out after almost getting stuck in the mud.